Quarterly Report (10-q)
16 November 2021 - 09:08AM
Edgar (US Regulatory)
Q3one yearone
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended
September 30,
2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number:
001-37383
Arcadia Biosciences, Inc.
(Exact Name of Registrant as Specified in its Charter)
|
|
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Delaware
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81-0571538
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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202 Cousteau Place,
Suite 105
Davis,
CA
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95618
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(Address of Principal Executive Offices)
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(Zip Code)
|
Registrant’s telephone number, including area code:
(530)
756-7077
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
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RKDA
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NASDAQ CAPITAL
MARKET
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒
No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
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Large accelerated filer
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☐
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Accelerated filer
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☐
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|
Non-accelerated filer
|
☒
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Smaller reporting company
|
☒
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|
Emerging growth company
|
☐
|
|
|
|
|
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
As of November 8, 2021,
the registrant had
22,184,235
shares of common stock outstanding, $0.001 par value per
share.
Arcadia Biosciences, Inc.
FORM 10-Q FOR THE QUARTER ENDED September 30, 2021
INDEX
ITEM 1. CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Arcadia Biosciences, Inc.
Condensed Consolidated
Balance Sheets
(Unaudited)
(In thousands, except share data)
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September 30, 2021
|
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December 31, 2020
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Assets
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|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
35,526
|
|
|
$
|
14,042
|
|
|
Short-term investments
|
|
|
—
|
|
|
|
11,625
|
|
|
Accounts receivable
|
|
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1,453
|
|
|
|
1,406
|
|
|
Inventories, net — current
|
|
|
5,447
|
|
|
|
3,812
|
|
|
Prepaid expenses and other current assets
|
|
|
1,408
|
|
|
|
811
|
|
|
Total current assets
|
|
|
43,834
|
|
|
|
31,696
|
|
|
Restricted cash
|
|
|
—
|
|
|
|
2,001
|
|
|
Property and equipment, net
|
|
|
2,634
|
|
|
|
3,539
|
|
|
Right of use asset
|
|
|
3,486
|
|
|
|
5,826
|
|
|
Inventories, net — noncurrent
|
|
|
3,539
|
|
|
|
3,485
|
|
|
Goodwill
|
|
|
1,648
|
|
|
|
408
|
|
|
Intangible assets, net
|
|
|
3,905
|
|
|
|
370
|
|
|
Other noncurrent assets
|
|
|
182
|
|
|
|
23
|
|
|
Total assets
|
|
$
|
59,228
|
|
|
$
|
47,348
|
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
5,004
|
|
|
$
|
4,105
|
|
|
Amounts due to related parties
|
|
|
51
|
|
|
|
80
|
|
|
Debt — current
|
|
|
36
|
|
|
|
1,141
|
|
|
Unearned revenue — current
|
|
|
—
|
|
|
|
8
|
|
|
Operating lease liability — current
|
|
|
1,134
|
|
|
|
717
|
|
|
Other current liabilities
|
|
|
264
|
|
|
|
263
|
|
|
Total current liabilities
|
|
|
6,489
|
|
|
|
6,314
|
|
|
Debt — noncurrent
|
|
|
78
|
|
|
|
2,105
|
|
|
Operating lease liability — noncurrent
|
|
|
2,562
|
|
|
|
5,389
|
|
|
Common stock warrant liabilities
|
|
|
7,736
|
|
|
|
2,708
|
|
|
Other noncurrent liabilities
|
|
|
2,140
|
|
|
|
2,280
|
|
|
Total liabilities
|
|
|
19,005
|
|
|
|
18,796
|
|
|
Commitments and contingencies (Note
17)
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common stock, $0.001 par
value—150,000,000 shares
authorized as
of September 30, 2021 and December 31,
2020;
22,184,235
and
13,450,861 shares
issued and outstanding as of September 30,
2021 and December 31, 2020,
respectively
|
|
|
63
|
|
|
|
54
|
|
|
Additional paid-in capital
|
|
|
257,009
|
|
|
|
239,496
|
|
|
Accumulated other comprehensive income
|
|
|
(24
|
)
|
|
|
—
|
|
|
Accumulated deficit
|
|
|
(217,203
|
)
|
|
|
(211,825
|
)
|
|
Total Arcadia Biosciences stockholders’ equity
|
|
|
39,845
|
|
|
|
27,725
|
|
|
Non-controlling interest
|
|
|
378
|
|
|
|
827
|
|
|
Total stockholders' equity
|
|
|
40,223
|
|
|
|
28,552
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
59,228
|
|
|
$
|
47,348
|
|
See accompanying notes to the unaudited condensed consolidated
financial statements.
1
Arcadia Biosciences, Inc.
Condensed Consolidated Statements of
Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2021
|
|
|
|
2020
|
|
|
|
2021
|
|
|
|
2020
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
|
|
$
|
2,324
|
|
|
$
|
245
|
|
|
$
|
4,506
|
|
|
$
|
630
|
|
|
License
|
|
|
17
|
|
|
|
10
|
|
|
|
17
|
|
|
|
110
|
|
|
Royalty
|
|
|
35
|
|
|
|
16
|
|
|
|
86
|
|
|
|
58
|
|
|
Contract research and government grants
|
|
|
—
|
|
|
|
43
|
|
|
|
—
|
|
|
|
106
|
|
|
Total revenues
|
|
|
2,376
|
|
|
|
314
|
|
|
|
4,609
|
|
|
|
904
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenues
|
|
|
2,511
|
|
|
|
1,841
|
|
|
|
4,954
|
|
|
|
3,463
|
|
|
Research and development
|
|
|
1,038
|
|
|
|
1,762
|
|
|
|
3,328
|
|
|
|
5,999
|
|
|
Impairment of intangible assets
|
|
|
120
|
|
|
|
—
|
|
|
|
120
|
|
|
|
—
|
|
|
Change in fair value of contingent consideration
|
|
|
—
|
|
|
|
—
|
|
|
|
(140
|
)
|
|
|
—
|
|
|
Write-down of fixed assets
|
|
|
1,108
|
|
|
|
—
|
|
|
|
1,319
|
|
|
|
—
|
|
|
Selling, general and administrative
|
|
|
6,312
|
|
|
|
4,292
|
|
|
|
16,750
|
|
|
|
11,689
|
|
|
Total operating expenses
|
|
|
11,089
|
|
|
|
7,895
|
|
|
|
26,331
|
|
|
|
21,151
|
|
|
Loss from operations
|
|
|
(8,713
|
)
|
|
|
(7,581
|
)
|
|
|
(21,722
|
)
|
|
|
(20,247
|
)
|
|
Interest expense
|
|
|
(15
|
)
|
|
|
(23
|
)
|
|
|
(23
|
)
|
|
|
(32
|
)
|
|
Other (expense) income, net
|
|
|
(7
|
)
|
|
|
—
|
|
|
|
10,214
|
|
|
|
83
|
|
|
Change in fair value of common stock warrant liabilities
|
|
|
4,777
|
|
|
|
1,130
|
|
|
|
4,601
|
|
|
|
6,212
|
|
|
Loss on extinguishment of warrant liability
|
|
|
—
|
|
|
|
(682
|
)
|
|
|
—
|
|
|
|
(635
|
)
|
|
Gain on extinguishment of PPP loan
|
|
|
1,123
|
|
|
|
—
|
|
|
|
1,123
|
|
|
|
—
|
|
|
Issuance and offering costs
|
|
|
—
|
|
|
|
—
|
|
|
|
(769
|
)
|
|
|
—
|
|
|
Net loss before income taxes
|
|
|
(2,835
|
)
|
|
|
(7,156
|
)
|
|
|
(6,576
|
)
|
|
|
(14,619
|
)
|
|
Income tax provision
|
|
|
(1
|
)
|
|
|
(9
|
)
|
|
|
(1
|
)
|
|
|
(15
|
)
|
|
Net loss
|
|
|
(2,836
|
)
|
|
|
(7,165
|
)
|
|
|
(6,577
|
)
|
|
|
(14,634
|
)
|
|
Net loss attributable to non-controlling interest
|
|
|
(661
|
)
|
|
|
(774
|
)
|
|
|
(1,199
|
)
|
|
|
(1,081
|
)
|
|
Net loss attributable to common stockholders
|
|
$
|
(2,175
|
)
|
|
$
|
(6,391
|
)
|
|
$
|
(5,378
|
)
|
|
$
|
(13,553
|
)
|
|
Net loss per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.10
|
)
|
|
$
|
(0.60
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.42
|
)
|
|
Weighted-average number of shares used in per share
calculations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
22,177,423
|
|
|
|
10,719,618
|
|
|
|
20,976,105
|
|
|
|
9,570,259
|
|
|
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on investment securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
Foreign currency translation adjustment
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(24
|
)
|
|
|
—
|
|
|
Other comprehensive loss
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(24
|
)
|
|
|
(1
|
)
|
|
Comprehensive loss attributable to common stockholders
|
|
$
|
(2,187
|
)
|
|
$
|
(6,391
|
)
|
|
$
|
(5,402
|
)
|
|
$
|
(13,554
|
)
|
See accompanying notes to the unaudited condensed consolidated
financial statements.
2
Arcadia Biosciences, Inc.
Condensed Consolidated Statements
of Stockholders’ Equity
(Unaudited)
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Non-
Controlling
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Loss
|
|
|
Interest
|
|
|
Equity
|
|
|
Balance at December 31, 2020
|
|
|
13,450,861
|
|
|
$
|
54
|
|
|
$
|
239,496
|
|
|
$
|
(211,825
|
)
|
|
$
|
—
|
|
|
$
|
827
|
|
|
$
|
28,552
|
|
|
Issuance of shares related to the
January 2021 PIPE
|
|
|
7,876,784
|
|
|
|
8
|
|
|
|
15,508
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,516
|
|
|
Offering costs related to the January 2021 PIPE
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,084
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,084
|
)
|
|
Issuance of placement agent warrants related to
issuance of January 2021 PIPE
|
|
|
—
|
|
|
|
—
|
|
|
|
942
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
942
|
|
|
Issuance of shares related to employee stock
purchase plan
|
|
|
8,604
|
|
|
|
—
|
|
|
|
21
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21
|
|
|
Non-controlling interest capital contribution
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
750
|
|
|
|
750
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
325
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
325
|
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,058
|
|
|
|
—
|
|
|
|
(377
|
)
|
|
|
1,681
|
|
|
Balance at March 31, 2021
|
|
|
21,336,249
|
|
|
$
|
62
|
|
|
$
|
254,208
|
|
|
$
|
(209,767
|
)
|
|
$
|
—
|
|
|
$
|
1,200
|
|
|
$
|
45,704
|
|
|
Issuance of shares at closing of
Arcadia Wellness acquisition
|
|
|
827,401
|
|
|
|
1
|
|
|
|
2,052
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,053
|
|
|
Foreign currency translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(12
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
356
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
356
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,261
|
)
|
|
|
—
|
|
|
|
(161
|
)
|
|
|
(5,422
|
)
|
|
Balance at June 30, 2021
|
|
|
22,163,650
|
|
|
$
|
63
|
|
|
$
|
256,616
|
|
|
$
|
(215,028
|
)
|
|
$
|
(12
|
)
|
|
$
|
1,039
|
|
|
$
|
42,678
|
|
|
Issuance of shares related to employee stock
purchase plan
|
|
|
6,585
|
|
|
|
—
|
|
|
|
17
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17
|
|
|
Foreign currency translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(12
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
354
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
354
|
|
|
Issuance of shares related to exercise of Service
and Performance Warrants
|
|
|
14,000
|
|
|
|
—
|
|
|
|
22
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,175
|
)
|
|
|
—
|
|
|
|
(661
|
)
|
|
|
(2,836
|
)
|
|
Balance at September 30, 2021
|
|
|
22,184,235
|
|
|
$
|
63
|
|
|
$
|
257,009
|
|
|
$
|
(217,203
|
)
|
|
$
|
(24
|
)
|
|
$
|
378
|
|
|
$
|
40,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Accumulated
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Non-
Controlling
|
|
|
Total
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
(Loss) Income
|
|
|
Interest
|
|
|
Equity
|
|
|
Balance at December 31, 2019
|
|
|
8,646,149
|
|
|
$
|
49
|
|
|
$
|
214,826
|
|
|
$
|
(207,171
|
)
|
|
$
|
1
|
|
|
$
|
621
|
|
|
$
|
8,326
|
|
|
Issuance of shares related to employee stock
purchase plan
|
|
|
7,946
|
|
|
|
—
|
|
|
|
14
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
772
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
772
|
|
|
Unrealized losses on available-for-sale securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
(1
|
)
|
|
Non-controlling interest contributions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
689
|
|
|
|
689
|
|
|
Net income (loss)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,525
|
|
|
|
—
|
|
|
|
(102
|
)
|
|
|
2,423
|
|
|
Balance at March 31, 2020
|
|
|
8,654,095
|
|
|
$
|
49
|
|
|
$
|
215,612
|
|
|
$
|
(204,646
|
)
|
|
$
|
—
|
|
|
$
|
1,208
|
|
|
$
|
12,223
|
|
|
Issuance of shares related to exercise of
June 2018 Warrants
|
|
|
1,392,345
|
|
|
|
1
|
|
|
|
5,568
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,569
|
|
|
Issuance of investor warrants related to
May 2020 Warrant Transaction
|
|
|
—
|
|
|
|
—
|
|
|
|
4,415
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,415
|
|
|
Issuance of placement agent warrants related to
issuance of May 2020 Warrants
|
|
|
—
|
|
|
|
—
|
|
|
|
215
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
215
|
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
595
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
595
|
|
|
Non-controlling interest contributions
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
493
|
|
|
|
493
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,688
|
)
|
|
|
—
|
|
|
|
(205
|
)
|
|
|
(9,893
|
)
|
|
Balance at June 30, 2020
|
|
|
10,046,440
|
|
|
$
|
50
|
|
|
$
|
226,405
|
|
|
$
|
(214,334
|
)
|
|
$
|
—
|
|
|
$
|
1,496
|
|
|
$
|
13,617
|
|
|
Issuance of shares related to exercise of
March 2018 PIPE
|
|
|
641,416
|
|
|
|
1
|
|
|
|
2,443
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,444
|
|
|
Issuance of investor warrants related to
July 2020 Warrant Transaction
|
|
|
—
|
|
|
|
—
|
|
|
|
2,059
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
</ |